Around 100 years ago, most business transactions were done manually. From manufacturing to testing, and even payments were done in person.
However, we have come a long way, since then. Today, almost every business-related task is enhanced by technology. So much, that a manual workforce is only needed to supervise the processes.
In this article, we'll be exploring some of the technological advancements in the past decade that have turned the table for businesses.
So, stay tuned to know more.
Automation Technology
Whether it's manufacturing processes, or simply client handling, automation has taken over everything. Look around, and you'll find plenty of examples of automation in the vicinity.
A simple example could be the clothing industry. From yarn manufacturing to fabrication, and apparel production, everything is now handled by automatic machinery. Manual labor is only needed when there is a fault or the machine needs to be started.
Likewise, the billing system for day-to-day shopping. You visit a supermarket, collect the products you need and step up to the billing counter. The biller would scan a code on the product, and an automatic bill would be generated. eCommerce websites, take it a step further. There's not even a scanning process. You add the products to your cart and pay the bill. That's it.
The Boom In Information Technology
What's not handled by automation is now handled by IT. For example, client handling, payment processing, and even workforce management can all be done with the help of software tools.
You no longer need to go through physical bookkeeping and register management. So much for it, that there exists even virtual debit cards now. As it mentions here, https://bentoforbusiness.com/features/virtual-debit-cards/, virtual cards can be activated instantly and used for any purchase. The users don't even need to take out their cards from their wallets.
The IT sector is believed to be the backbone of modern businesses. You can hardly imagine running a company without the help of these smart tools. Let alone, scale it in the future.
Data-Driven Decision Making
On top of everything, there's now data-science technology that's transforming every business decision. From marketing to sales, and even product designing, every decision takes insights from well-evaluated data collected from reliable sources.
To put this into perspective, businesses now look forward to digital marketing, instead of conventional tactics. And notably, all digital marketing strategies make use of user data. From user preferences to user inclination, everything can be easily predicted. And accordingly, a strategy to drive more sales can be devised.
Besides, businesses are optimizing their in-house operations too with the help of data-science technology. In short, every decision is now well-measured and driven by supporting data.
To sum it up, technology is seeping into every nook and corner of the traditional business operations. There is hardly anything, other than managing the operations and supervising, that requires human assistance.
Experts believe that the digital era, especially since the inception of the internet, has influenced every decision for a business. And we are likely to witness a lot more changes in the near future.